Market Comment -03.03.2021

ZSE stretches gains in midweek session… The ZSE advanced in midweek session despite low activity seen across the bourse. The primary All Share Index was 2.47% firmer at 4400.39pts while, the Industrials added 2.59% to 14676.76pts. The Mining Index was the only index to lose ground while, the Top Ten Index emerged the best performer for the third consecutive session on a 3.91% surge as it settled at 2656.26pts. Lafarge led the gainers list of the day on a 20% surge that took it to $39.6000, NTS followed adding 19.93%, Turnall putting on 19.41% and Natfoods rising 15.69% to $319.3000. Mining House Riozim edged higher at $23.9961 after posting 14.27% gains, though it failed to turn the Minings into the black. Other notable gains were registered in AFDIS (+13.64%), Cassava (+11.15%), Econet (+4.45), OKZIM (+1.17) and Padenga (+1.33%). Twenty-two counters registered gains against seventeen fallers leaving the remainder of five sailing stable, as the market registered a positive breath. Weighing on the market were losses led by insurer Fidelity which reversed its yesterday’s gains on a 10.65% loss to see it close at $3.6632. Unifreight was seen in the losers’ zone for the year to date on a 9.49% slide that took its price to $10.3080 on emerged profit taking. Masimba shed 6.51% to $17.000 with banking group First Capital easing 3.40% to settle at $1.8160 on waning demand. Star Africa lost 2.65% to $0.4991 and completed the top five losers. Delta and CBZ were amongst the losers after the duo lost 1.35% and 0.24% to end at respective prices of $50.1547 and $83.7500. Volume aggregate went up 9.77% to 4.45m shares, yielding a value outturn of $49.20m which was 43.55% down from yesterday. Hippo emerged the top value driver accounting for 22.33% of the total while, First Capital claimed 31.42% of the volume outturn. Capital flight continued as mere $4.03m inflows were recorded against $16.56m outflows which was 58.65% down on prior session.